I am confused. When interest rates reduced the banks were hammered because the argument was that they will have reduced Net interest Margin. So with increasing interest rates we should expect increasing profits from Net interest margin. Why is this not a positive for banks? Why does the possible increase in defaults and reduced transactions overshadow the clearly increasing NIM. I am holding these banks until the first set of results come in and I can understand better.
So cheap today, time to add more, page-7
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